Category: Culture
What Did We Do, Pre iPhone; Part II
I talked with an iPhone owner during a recent conference. While she was tapping away on email and a variety of apps, she mentioned “I don’t know what I did before….”.
Changing everything, including education.
US Tax Reform: How about this for a tax plan: cut most people’s taxes by half, eliminate the need to file returns, and provide the Treasury with a better way to reduce the deficit. Sound impossible? It’s not. Here’s how to get it done.
Keith Libbey & Evan Thomas:
Most Americans spend dozens, if not hundreds, of hours attempting, not always successfully, to do their tax returns. We spend almost $30 billion paying accountants to fill out the complicated forms, and by some estimates we devote $110 billion of our own labor just keeping track of all the necessary records and paperwork. Americans pay about 85 percent of the taxes they owe, better than in most countries, but the shortfall is still a drain on the Treasury (and the rich seem to find a way to avoid taxes legally). Is this costly, demoralizing struggle between the IRS and the rest of us really necessary?
The short answer is no. There is a way to relieve almost all Americans of the annual April 15 nightmare. What’s more, it’s a necessary first step toward a plan to cut the looming federal deficit. The time is right for thoroughgoing tax reform—a true clean slate—that will bring in more revenue while giving the public a greater sense of fairness. The reforms we propose will even allow most people to take home more pay than they do now.
The place to start is to cut almost everyone’s payroll and income taxes by half. Yes, you read that right. Cut most tax rates, which now run from 10 to 39 percent, by half. All individual taxes would be collected through company withholding taxes on compensation (salary, bonus, deferred payments, etc.) and investment income (dividends, interest, capital gains, rents) to individuals. The very rich—those making more than $2 million a year—would still pay a top tax rate of 30 percent on earned income. The rate on investment income would be 15 percent. The result: individuals would not have to file tax returns, most Americans would take home more pay than they do now, the tax base would be broadened, and the AMT—the alternative minimum tax, which sweeps up more taxpayers every year—would be eliminated.
Too good to be true? There’s no free lunch. The revenue lost to the government—roughly half of all personal federal taxes—has to come from someplace else. The best fix is to eliminate all deductions and exemptions for individual taxpayers—all those tax breaks that were intended to promote economic activity or serve worthy social goals but have ended up creating myriad unfair outcomes. It’s true that the wealthiest 1 percent currently pays about 18 percent of all taxes. Still, thanks to clever tax dodges, the top 400 income earners pay an average tax rate of 16.6 percent; megabillionaire Warren Buffett notes that his secretary pays a higher tax rate than he does.
Digital Maoism
FROM “Wikinomics” to “Cognitive Surplus” to “Crowdsourcing”, there is no shortage of books lauding the “Web 2.0” era and celebrating the online collaboration, interaction and sharing that it makes possible. Today anyone can publish a blog or put a video on YouTube, and thousands of online volunteers can collectively produce an operating system like Linux or an encyclopedia like Wikipedia. Isn’t that great?
No, says Jaron Lanier, a technologist, musician and polymath who is best known for his pioneering work in the field of virtual reality. His book, “You Are Not A Gadget: A Manifesto”, published earlier this year, is a provocative attack on many of the internet’s sacred cows. Mr Lanier lays into the Web 2.0 culture, arguing that what passes for creativity today is really just endlessly rehashed content and that the “fake friendship” of social networks “is just bait laid by the lords of the clouds to lure hypothetical advertisers”. For Mr Lanier there is no wisdom of crowds, only a cruel mob. “Anonymous blog comments, vapid video pranks and lightweight mash-ups may seem trivial and harmless,” he writes, “but as a whole, this widespread practice of fragmentary, impersonal communication has demeaned personal interaction.”
If this criticism of Google, Facebook, Twitter and Wikipedia had come from an outsider—a dyed-in-the-wool technophobe—then nobody would have paid much attention. But Mr Lanier’s denunciation of internet groupthink as “digital Maoism” carries more weight because of his career at technology’s cutting edge.
The enduring solitude of combat vets
Retired Army Special Forces Sgt. Maj. Alan Farrell
Retired Army Special Forces Sgt. Maj. Alan Farrell is one of the more interesting people in this country nowadays, a decorated veteran of the Vietnam War who teaches French at VMI, reviews films and writes poetry. Just your typical sergeant major/brigadier general with a Ph.D. in French and a fistful of other degrees.
This is a speech that he gave to vets at the Harvard Business School last Veterans’ Day. I know it is long but a lot of you can’t go outside anyway because of the hurricane:
Sebastiaan de Rode Aeolus Cello Quartet 21 August 2010
Relocated Designer Labels
Henny Sender and Vanessa Friedman
:
Just weeks after Mr Obama was inaugurated wearing a Hickey Freeman suit, HMX, the Chicago-based owner of that brand as well as Hart Schaffner Marx among others, filed for bankruptcy protection. After an auction in August last year, Mumbai-based SKNL became the latest Asian group to buy a collection of premier western fashion brands.
In doing so, it joined Megha Mittal, of the Indian Mittal steel dynasty, who last year bought the German luxury brand Escada; Li & Fung of Hong Kong, which two years ago snapped up Hardy Amies, couturier to Britain’s royal family; and Hong Kong-based S.C. Fang & Sons, which bought Pringle of Scotland in 2000.
From individual consumers of luxury goods, the Chinese and Indians have become consumers of luxury companies, in a shift that has far-reaching implications for the $80bn (€63bn, £52bn) a year industry. Many of the recent acquisitions have been driven by a wish to raise production standards in Asia and, in the long term, change a tenet of the luxury industry: the importance of production in “country of origin”. The notion that to merit its price tag, a luxury item must be made in the country where it is designed and where its label was born is on the wane.
A Conversation with Jay Rosen on “The Problem With News Media in America Today”
What is the biggest problem with the news media in America today?
Mr Rosen: The cost of changing settled routines seems too high, but the cost of not changing is, in the long term, even higher. A good example is the predicament of the newspaper press: the print edition provides most of the revenues, but it cannot provide a future. I know of no evidence to show that young people are picking up the print habit. So if the cost of abandoning print is too high, the cost of sticking with it may be even higher, though slower to reveal itself. That’s a problem.
Another example is the decline of trust. In the mid-1970s over 70% of Americans told Gallup they had a great deal or fair amount of confidence in the press. Today: 47%. Clearly, something isn’t working. But revisions to the code of conduct that has led to this decline would be seen by most journalists as increasing the risk of mistrust. I’ve tried to argue that the View from Nowhere—also called objectivity—should be replaced by “here’s where we’re coming from.” That strikes most people in the American press as dangerous and unworkable. But the current course is unsustainable: trust continues to decline, with a big acceleration after 2003. When I mention this to journalists, they say: “Trust in all big institutions has declined, Jay.” Which is true (except for the military). But is that really an answer? You’re supposed to be the watchdogs over dubious actors. Why aren’t you an exception?
I could go on, but I think you see the pattern. Change is too expensive; the status quo is unsustainable.
A Tale of Two Cities
“It was the best of times, it was the worst of times; it was the age of wisdom, it was the age of foolishness …”
— Charles Dickens, A Tale of Two Cities, 1859
For the past 120 days I have pored over economic reports, commerce data, home sales across America, stats on inflationary trends and sales tax reports by state (when they can be found). I’ve sorted the data by date published, then prioritized it by importance to the economy, and looked for correlations positive or negative. But no matter how many times I read over the data, I can come to only one solid conclusion: We have now finished changing into a two-tiered economy.
This change didn’t start with the downturn of the past two and a half years; instead, the completion of our segregation into two financial classes is what directly caused the downturn. No longer is the belief that “there’s the 20 percent of the population that live in poverty and then there’s the rest” a comfortably distant concept.
The discomfort line now divides those who “feel afraid” that they live in poverty-like circumstances, or soon will – even if they are gainfully employed – from “the rest.” And instead of a 20/80 split, have-nots to haves, today it may well be 60/40.
A Four Wheeled Xanax….
The 2011 Nissan Leaf is the world’s first mass-market all-electric automobile, to be built in the hundreds of thousands globally/annually by Nissan beginning this winter. And may I say, thank God and Carlos Ghosn, chief executive of Nissan. Not so much a game changer as a game starter, the Leaf is a five-seat, five-door passenger EV sedan sold from California to Maine, with a nice, round 100-mile estimated range; 0-60 mph acceleration of around 10 seconds; and a top speed of 90 mph. The U.S. price is $32,780 (not counting the $7,500 federal tax credit for EVs) and includes a host of value-added, segment-competitive features, such as Bluetooth, navigation, 16-inch alloy wheels. Such a car would have been science fiction five years ago.